Relationships can be wonderful, but still have disagreements. One of the most common disagreements between partners is about managing joint finances. It often causes much tension and can happen early on or at any point in your relationship. You may have different priorities, such as saving for retirement, planning a home renovation, or saving money for children's college funds. Or, maybe one of you wants to invest, and the other wants just to keep your money in savings.

When it seems like you just can't come to an agreement, the “What If Monster” can become a problem. You might think, "What if our different opinions ruin our plans or relationship?" Let's look at that "what if" question and turn it into a positive conversation.

Acknowledge That Different Opinions Are Normal

It is not unusual for two people to have different opinions about what to do with money. Our upbringing, life experiences, fears, and ultimate financial goals typically shape our views. Instead of viewing your partner's views as "wrong," try to understand where they are coming from. It can allow you to start an open and honest conversation about your joint finances. Your values don't have to align perfectly. Finding a mutual understanding and a shared strategy that aligns with your values is essential.

Create Space for a Conversation About Money

It's essential to discuss what you want to do with your money. However, you want to have it at the correct time. When one of you is stressed or distracted, or you have just had an unexpected expense, it is not the time. Find a time that you are willing to hear each other out and devise a plan.

Here are some good questions to ask:

• What are the goals you feel strongly about?
• Are you worried about something financial in particular?
• What does financial security look like to you?

Opening up and answering these questions can help you understand each other's motivations, making compromise much easier.

Create a Team-Based Approach to Joint Finances

Once you know what you want to do with your money, it's time to make a unified plan that incorporates both goals. It can be beneficial to bring in a financial advisor like CrossleyShear Wealth Management to help.

They are a third party who can help couples do the following:

• Balance long-term needs with short-term wants.
• Identify your shared goals and core values.
• Establish clear expectations and roles around money management.
• Develop a customized plan that incorporates each person's priorities.

Schedule Regular Check-Ins

Once you have a financial plan that you both are comfortable with, it's important to plan regular check-ins about the plan. The plan you create now will work for now, but it might not work later. As you grow, your goals, lifestyle, and income will change. Scheduling regular check-ins with your plan is also vital in determining if any changes are necessary. Annually or anytime there is a significant life change, it is a good place to start.

The “What If Monster” Calms Down When You're on the Same Page

Just because you have disagreements about where your money should go doesn't mean your relationship is doomed to fail. It is human nature not to agree on everything. The key is communicating openly, planning intentionally, and leaning on a trusted advisor to help you make a plan you can stick to.

At CrossleyShear, we can help partners navigate conversations around their joint finances and turn tension into teamwork. If you're ready to make a plan, we are here to help. Contact us today to get started.

Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Dale Crossley and Evan Shear and not necessarily those of Raymond James.

Colleagues, businessman and business woman having a focused and friendly conversation at a desk. Both of them are smiling and gesturing, explaining something in a discussion. The woman, whose face is partially visible, listens attentively while using a laptop. Mentorship, collaboration, or client consultation.

We all have a lot going on. You know you need a financial plan review - but what if you're too busy? Between work, family, and to-do lists that feel like they will last the rest of your life, it's easy to have reviewing your financial plan fall by the wayside.

That, of course, is when the "What If Monster" shows up. You are too busy to review your plan, which becomes outdated and useless. Reviewing your plan is a key part of keeping your long-term goals on track and maybe even helping life get less busy in the future.

Annual Financial Plan Review: A Critical Part of Due Diligence

Reviewing your financial plan every year is not just a good idea. It's vital for due diligence and compliance. When we do a review for our clients, we have a simple mission in mind:

• Checking your life circumstances. Has something changed that might result in shifts in your financial plan? Job loss? Promotion? New baby? Inheritance? Or just shifts in your priorities. Is your financial plan still aligned with your circumstances?
• Checking the market and the economy. The economy is constantly shifting and changing. This might change what investments are a good idea. It might impact what you can leave in long-term savings and how much money you want to have readily available. It also means opportunities you want to move on quickly to gain maximum benefit.
• Renewing our commitment to you. We offer high oversight and care, and routine reviews are part of that.

As trusted financial advisors, we are expected to meet high standards and do these annual reviews to maintain our duty of care towards you and your money. In many cases, they don't even need to take that long.

Flexible Meeting Options - On Your Terms

We recognize that you have a lot of demands on your time and that scheduling your financial plan review can be a challenge. Because of this, we offer flexible meeting options that work with your schedule. You can meet us:

• In person at our office, if that's convenient for you. We can schedule meetings outside bankers' hours, too.
• Via Zoom or Teams, your choice. Our virtual meetings allow you to talk to us from your home or office (or home office) using the software you are most comfortable with.
• Phone call check-ins. You can also check in with us over the phone, from any location you might be in.

Our goal is to make your annual review as easy and stress-free as possible. We will work around you instead of expecting you to rearrange your life around a thirty-minute meeting.

Why Prioritizing Your Plan Matters

Delaying a financial plan review can be bad. It can result in missed opportunities or overlooked risks, either of which can cost you money and time in the future. In many cases, the adjustments we recommend will be minor - we might suggest re-balancing investments, refining your tax strategy, or going over your goals again.

Meet with us now, and you can vanquish the "What If Monster" and face the months ahead with confidence and reassurance.

Let's Quiet the "What If Monster" Together

It's easy to stay proactive with our help. No matter how busy your life is, we can help you find the time for your financial plan review and ensure it remains aligned with your personal goals and economic reality.

Contact CrossleyShear today to schedule your assessment before you miss an opportunity. With convenient meeting options and hours, your annual financial plan review is one item you can easily get off that endless to-do list.

Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Dale Crossley and Evan Shear and not necessarily those of Raymond James.

Ice cream, mojitos, margaritas, daycations, summer movies, concerts, or weekends at Bear Mountain or Miami. Lounging by the pool or cranking up the barbecue. It's summer, baby! You plan to enjoy the summer, right? Of course. Go for it. But keep in mind what lurks behind all that joy, especially in your summer fun on a budget.

What if I go and let summer fun exceed my budget?

Fair question. It's hard to be responsible when scantily clad bodies await in Cali, or you and your spouse can finally see Europe.

The What If Monster's waiting for the vacation cruise, and the bills that add up quickly. Or maybe you've considered the What If Monster and are waffling between spending time in Vegas or staying home.

Fortunately, you don't have to choose between financial wellness and making the most of summer. Keep the What If Monster quiet and enjoy the season with confidence.

Step 1: Give Yourself Permission — But With Parameters

Summer is meant to be enjoyed. Instead of not spending altogether, plan for your summer fun on a budget.

• Create a summer budget: A budget is the first step for any financial goal. Why not do the same for summer fun? Consider what you'd like to do and analyze your finances to see how compatible the goals are with your finances. Be realistic so that you don't compromise financial stability.
• Label it lifestyle spending: Embrace your plans as deserved enjoyment, not extravagance or something unnecessary. When it's intentional, it's not wasteful and is in alignment with values. Just remember, conventional budgeting has limits and categorization. Decide on broader aspirations for the summer and plan how to achieve them.
• Leave room for spontaneity: Like your emergency savings, build a small buffer for the unexpected. Your friends might invite you to a last-minute weekend getaway or day trip. Be ready to manage that instead of flat-out rejecting the possibility or dipping into savings.

Step 2: Be Honest About What Brings You Joy

Are you planning because the experience is meaningful, or because it feels like something you're supposed to do?

• List five to 10 must-dos. Decide what's financially manageable. How many times do you want to spend a night in the town? How long have you waited to visit your best bud in Texas? Focus on experiences like that family trip and avoid extras (multiple weekends in Atlantic City). Determine how to finance your plan.
• Say no to what doesn't align with your goals.
• Be financially savvy about what's feasible. Streamline the list until you have activities that will make memories and be fun.

Step 3: Adjust, Not Abandon, the Plan

If you overspend a little for any given activity or in a specific week or month, don't panic. Falling off the wagon won't ruin your future, but ignoring it might.

• Dial back on the next trip/week/month's expenses. Instead of a weekend in the Poconos, maybe a day picnic or soaking in the sun on the beach could be substituted.
• Avoid dipping into emergency funds unless truly necessary. Do not go into debt. Do not spontaneously fly with the girls to Hawaii. If you use emergency funds, develop a plan to replace what's taken sooner rather than later.
• Consult with your planner about pivoting or rebalancing the financial scales. Consider opening a vacation savings account. Even small amounts saved for summer will sidestep jeopardizing financial goals.

A Plan That Includes Joy Is a Plan That Lasts

Summer sunshine demands attention, and spending is fine. However, a solid financial strategy can weather your summer fun on a budget.

At CrossleyShear, we see your financial plan as part of your lifestyle, not a restriction. A good life is the overall goal. That includes making room for meaningful experiences, memory-making moments, and yes, even summer fun. However, if you worry about how seasonal spending fits into the bigger picture, we're here to help develop a plan that feels good now and later.

Schedule a check-in with CrossleyShear today.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Dale Crossley and Evan Shear  and not necessarily those of Raymond James.

Let's say you've done everything by the book, financially speaking. You don't overspend, put aside money for retirement, come up with a budget before making any big purchases, and have savings set aside for a rainy day. But despite your best efforts, you may sometimes sense the "What If Monster" rearing up, asking questions like, "What if I get sick and can't afford my medical bills?" or "What if I get laid off?" The fact is that everyone's life situation keeps changing. People get married and divorced. Kids go off to college and start living their own lives. People get sick and require home health care.

All these events can be emotionally and economically draining. And at times, they might require you to develop a new strategy that suits your needs. In such situations, conducting a thorough financial plan review is essential.

Signs That Your Financial Plan Is Outdated

You will usually know that your money management plan is outdated because your "What If Monster" will rear up. The "What If Monster" is your friend; it's just there to highlight when a financial refresh is needed. Here are some indications that your personal financial roadmap is no longer current:

• Your income has increased, but you seem to be spending more rather than saving more.
• Using your savings for everyday expenses.
• You're not sure where you're spending your money.
• There are changes in your life situation, and you no longer want what you wanted five or ten years ago.
• You simply haven't looked at your cash flow plan for over five years.
• The strategy you're using for monetary allocation is not helping you reach your goals. This could be because you copied someone else's investment strategy, but they have different goals.

Why Are Regular Financial Reviews Important?

You might contact your investment manager when you feel your wealth management plan is outdated. However, doing so is fine even if you have no money problems.

If you have certain future plans, such as buying a home, having a child, or starting a business, speaking to your advisor first makes sense. This way, you can determine if this is a good time to implement those plans. If not, you can also get some advice about what changes you must make before moving towards your life goals.

In short, a financial plan review is beneficial not only if you're having problems but also if you want to ensure that your economic situation will support the life changes you have in mind.

What Does a Financial Plan Review Include?

So maybe you're ready to quell the "what if monster" by speaking to your wealth manager and adjusting your money management plan to suit your current life goals. Here are certain things that your financial plan review may cover:

• Income: Go over any changes in income, such as if you've changed jobs, received a promotion, been laid off, etc.
• Assets/Investments: Evaluating your assets and investments. Are your investments performing as well as expected? Are your assets increasing or decreasing in value?
• Debt: Discuss whether you are in debt and come up with a debt repayment strategy.
• Goals: Your financial consultant will also ask about your future goals and whether you plan to make any life changes. If so, they will help you adjust your cash flow plan to meet those goals.
• Insurance: A financial strategy also involves an overview of insurance coverage to ensure all your policies meet your needs.
• Retirement Planning: Considering pension plans and how much you are contributing towards them is also included in the examination.
• Estate Planning: Wills, trusts, and powers of attorney are all included in the assessment.

Take Control of Your Future Today!

Keep in mind that a personal financial roadmap is not a static thing. It's something that needs to grow and develop along with growth and development in your life. As your life situation changes, so should your investment philosophy.

Whether the changes come from the outside, in terms of market fluctuations, or from the inside, in terms of changes in your life goals, going over your investment strategy can help. Contact us at CrossleyShear for a financial plan review that focuses on making the best of your finances and your life.

Receiving an unexpected bequest of wealth can bring up a whirlwind of emotions like gratitude, grief, and even anxiety. When it's incidental, you won't have a prepared strategy, let alone an inheritance management plan for what to do with it. Even if you know it's coming, having a plan ready for when it arrives can be challenging.

This confusion can cause the “What If Monster” to start stirring thoughts in your brain. "What if I inherit money and don't know what to do?" You might be concerned you'll make the wrong decision and waste a once-in-a-lifetime gift if you don't feel prepared to take on a large sum of money.

You can rest easy knowing that you don't need to have all the answers right now. All it takes is a thoughtful plan and some expert guidance, and you can make the most of your inheritance.

Breathe Before Acting

If an estate is thrust upon you, you might feel like you need to make a quick decision. Unless you are in financial distress that the legacy could fix, the best thing to do is to wait and focus on inheritance management. Take some time to let your emotions settle, understand what the legacy includes and whether any regulations or conditions apply, and determine any legal requirements or tax implications. Allowing yourself to breathe helps you decide with clarity.

Understanding Your Inheritance

How you spend your bequest depends on the type of assets that are included. You might have been given cash, retirement accounts, real estate, or business interests.

While cash is potentially the easiest to spend, it still requires setting a strategy for inheritance management. If you receive retirement accounts, you need to consider tax and distribution rules. Finally, real estate/business interests require decisions about managing, selling, or transferring ownership. Once you know your type of endowment, you can make the best strategy for it.

Learning to Avoid Common Emotional Traps

When you receive an estate, you might be overwhelmed by pressure, guilt, or a sense of responsibility to do "something big." It can be too easy to allow yourself to fall into emotional decision-making, like giving away a bunch of money without thought or rushing into investments.

You need to take time to decide how you want to spend the money. After all, it was left to you. Process the loss that led to receiving an estate, and remember that it was meant to benefit you, not burden you.

Coming Up With a Plan to Honor Your Goals and Theirs

While the money is ultimately yours to spend, if you want the spending to honor the person who left it to you, that's a valid option. Working with a financial advisor will allow you to create a strategy that helps with your current needs and long-term goals and honors the person who left it to you if that's what you desire.

Your plan might include things like paying off debt, investing, saving for retirement, giving to worthy causes, or helping your family's future, among other things. Remember, while there is no "right" way to use your inheritance, there are thoughtful ways.

Quieting the “What If Monster”

If you've recently inherited money or know you will be soon and aren't sure what your next steps are, take solace in knowing you are not alone. The best thing you can do is ask for guidance. At CrossleyShear, we can help you navigate inheritance management with compassion, clarity, and strategy.

Remember, you don't get financial confidence by having all the answers. It comes when you know who to turn to when you have questions.

Let's start the conversation. Get in touch with us today.

Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Dale Crossley and Evan Shear and not necessarily those of Raymond James.